Snap (SNAP) Surges 7.6%: Is This an Indication of Further Gains?

Snap SNAP shares ended the last trading session 7.6% higher at $9.35. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6% gain over the past four weeks.Snap's focus on visual communication between friends and family has been a strategic advantage that has enabled it to build engaging and retentive services. It is nearing its goal of 1 billion monthly active users (MAU), surpassing 900 million MAU in April. Snap has a strong connection with young users globally, such as in India, where its MAU surged over 250 million.This company behind Snapchat is expected to post quarterly earnings of $0.00 per share in its upcoming report, which represents a year-over-year change of -100%. Revenues are expected to be $1.34 billion, up 8% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For Snap, the consensus EPS estimate for the quarter has been revised 1.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SNAP going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Snap is part of the Zacks Internet - Software industry. Tuya Inc. Sponsored ADR TUYA, another stock in the same industry, closed the last trading session 0.9% higher at $2.33. TUYA has returned -4.6% in the past month.Tuya's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.03. Compared to the company's year-ago EPS, this represents a change of -25%. Tuya currently boasts a Zacks Rank of #1 (Strong Buy).Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Snap Inc. (SNAP): Free Stock Analysis Report Tuya Inc. Sponsored ADR (TUYA): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks